KUALA LUMPUR, March 9 — MMAG Holdings Bhd has subscribed for 65.88 million new ordinary shares in Dynaciate Group Bhd (DGB) today, representing a 9.92 per cent equity interest, at 12.4 sen per share or RM8.17 million.
In a filing with Bursa Malaysia today, MMAG said the subscription was made pursuant to a private placement exercise as announced by DGB on November 17, 2020.
“The subscription is viewed as an opportunity for MMAG to tap into DGB’s experience and expertise in building and plant facility construction, civil and mechanical engineering, architectural, steel fabrication and installation works,” it said.
It also expected to create potential synergy of resources owned by DGB in supporting MMAG group to develop its warehouse space, increase storage areas capacity and setting up new hubs and depots.
In addition, banking on the prospects of the logistics and construction industry post-pandemic, MMAG group is of the view that it is timely to invest in DGB.
As at the date of announcement, it said the issued share capital of DGB prior to the subscription was RM72,117,793 comprising 598,107,296 ordinary shares. — Bernama
